https://www.engineeringnews.co.za
Energy|Financial|Iron Ore|Mining|Power|PROJECT|Steel
Energy|Financial|Iron Ore|Mining|Power|PROJECT|Steel
energy|financial|iron-ore|mining|power|project|steel

Champion Iron bolsters liquidity for growth opportunities

30th November 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Quebec Iron Ore (QIO), a subsidiary of TSX- and ASX-listed Champion Iron, has completed a $230-million term-loan financing facility, significantly increasing its available liquidity to support organic growth and development opportunities to decarbonise steelmaking.

The new loan facility matures in November 2028 with no principal repayment until mid-2026.

QIO also extended the maturity of its existing $400-million revolving credit facility from May 2026 to November 2027.

“We thank our team of financial partners who share our vision to provide a solution for the green steel supply chain. The closing of the financing, in addition to our robust financial position and operational cash flows, enables our company to maintain its conservative capital management approach while increasing our flexibility to consider additional organic growth opportunities,” said Champion CEO David Cataford.

Champion, through QIO, owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, about 13 km north of Fermont, Québec.

Bloom Lake is an openpit operation with two concentrators that primarily source energy from renewable hydroelectric power. The two concentrators have a combined nameplate capacity of 15-million tonnes a year and produce low contaminan, high-grade 66.2% iron-ore concentrate with a proven ability to produce a 67.5% iron direct reduction quality iron-ore concentrate.

In January, the company announced the positive findings of a study evaluating the upgrade of half of the Bloom Lake mine's capacity to a direct reduction quality pellet feed iron-ore and approved an initial budget to advance the project.

Edited by Creamer Media Reporter

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.069 0.131s - 158pq - 2rq
Subscribe Now